The Town of Clarkstown announced Tuesday that Standard & Poor’s has reaffirmed its AA bond rating and maintained a “stable” outlook on the Town’s finances, marking the sixth consecutive year Clarkstown has received the rating.
According to the Town, the strong credit rating allows Clarkstown to borrow money for major infrastructure and capital projects at more favorable interest rates, potentially reducing financing costs for taxpayers. The Town also plans to reduce its annual borrowing, with overall debt expected to decline by approximately $4 million and roughly 75% of existing Town debt projected to be paid off within 10 years.
S&P cited Clarkstown’s budgeting practices, efforts to develop new revenue sources, growing and diverse property tax base, access to the New York City regional labor market, economic development, and increasing general fund reserves as factors supporting the rating.
“Our finances have never been in better shape and I’m immensely proud of the progress that we’ve made,” Town Supervisor George Hoehmann said, adding that the rating positions Clarkstown to secure competitive interest rates while continuing to finance infrastructure improvements.
The announcement follows additional positive fiscal news for Clarkstown earlier this month, when the New York State Comptroller reported that the Town’s fiscal stress score improved from 26.7 to 14.2.
S&P also reaffirmed Clarkstown’s AA rating and stable outlook in 2025, when the Town received the designation for the fifth consecutive year.
